Trump-Themed MAGA Memecoin Rallies 12% Ahead Of Bitcoin Conference, Analytics Show ‘Signs Of Another Sentiment Wave’
By Benzinga
Maga Memecoin (CRYPTO: TRUMP) is rallying ahead of the Bitcoin (CRYPTO: BTC) conference in Nashville this weekend.
What Happened: Sistine Research predicted a “massive” breakout for the meme coin from its 150-day range. In another tweet, the researcher pointed out that the TRUMP holder count of 71,700 is at an all-time high.
Analytics platform AlphaScan AI highlighted the “signs for another sentiment wave and possibly consequently another run, as 55% of all weekly mentions occurred in the last 24 hours.”
TRUMP is currently trading around $6.20, down significantly from its all-time high of $17.80. The meme coin spiked above $10 following the assassination attempt on former President Donald Trump but has since retreated. The former President currently holds $3.66 million worth of TRUMP in his crypto portfolio.
Why It Matters: Donald Trump’s attendance at the upcoming Bitcoin conference in Nashville could impact the crypto market’s performance, as Trump is perceived as the crypto-friendlier candidate in the November election. Markets await the crypto/digital asset-friendly policies that the Former President may bring in.
In a recent development, Elon Musk supported Donald Trump by tweeting “Make America Great Again,” which pushed the TRUMP meme coin significantly higher. Santiment data noted that after the tweet, MAGA was the top trending token in crypto.
In the past 24 hours, TRUMP is trading 11.3% higher, cushioning its past month loss of 22%.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next:
Image created using artificial intelligence with Midjourney.
